What happens if President Obama and Congress don’t strike a debt deal?
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On Aug. 3, the nation would find out, with Obama forced to make a set of extraordinarily difficult choices about what to pay or not pay. By then, the government’s savings account would be nearly empty and the president would be relying on daily tax revenue to pay the nation’s bills.
There wouldn’t be enough — in fact, there would be a $134 billion shortfall in August alone. [So they will spend $134 billion more than they will receive and get that much deeper into debt in just one month... and when exactly will this trend end? Be reversed? When is this to be paid off and how? Oh, I know ... sometime after the next election.]
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